DALMIASUGDalmia Bharat Sugar And Industries Ltd.
Dalmia Bharat Sugar to take demerged tech business from HTPL under scheme
- Mergers & acquisitions
- Sugar
Reviewed byRachit TripathiBlacklitt Research
Dalmia Bharat Sugar And Industries (NSE: DALMIASUG) approved a demerger of a technology business from Hippostores Technology Private Limited and an investment of up to USD 22.70 million in an overseas holding subsidiary, it said in a filing on 03 Nov 2026. The demerger is settled by redeemable preference shares, not cash.
Key highlights
- Preference shares to HTPL holders: 6,74,90,002 of ₹10 each
- Aggregate face value: ₹67.49 crore
- Overseas investment ceiling: USD 22.70 million
- Appointed date: 01 Jan 2027
The scheme and investment in numbers
| Item | Detail |
|---|---|
| Demerged undertaking turnover (FY to 31 Mar 2026) | ₹80.70 crore, 2% of DBSIL turnover of ₹3,618.08 crore |
| Consideration | No cash; 6,74,90,002 redeemable preference shares of ₹10 each |
| Preference share dividend | 8% per annum, non-cumulative |
| Preference share tenure | 20 years from allotment, subject to permitted early redemption |
| Appointed date | 01 Jan 2027 |
| DBGHL investment ceiling | Up to USD 22.70 million by equity or other instruments |
| Tanzania stake through Eagle Agrotech Holdings | 51% |
The demerger and what moves to DBSIL
The scheme transfers the Demerged Undertaking of Hippostores Technology Private Limited into Dalmia Bharat Sugar and Industries Limited on a going concern basis. The undertaking holds proprietary technology, data analytics capabilities and intellectual property used for agri-tech solutions, and includes technology linked to HTPL's retail and solutions business, whose operations are presently suspended. HTPL's remaining digital marketing and branding business stays with HTPL.
The demerged undertaking's turnover for the year to 31 Mar 2026 was ₹80.70 crore, 2% of DBSIL's ₹3,618.08 crore. The company says the integration will allow closer alignment of technology with its core sugar operations and better monitoring of cane area. The preference shares are not proposed to be listed, and the existing equity share capital of DBSIL does not change.
The Tanzania holding and the overseas investment
The board approved an investment of up to USD 22.70 million in Dalmia Bharat Global Holdings Limited, a wholly owned subsidiary incorporated in the United Arab Emirates on 14 Oct 2026. The subsidiary is to hold a 51% investment in Eagle Agrotech Holdings Limited, approved by the board on 14 Jul 2026, which is to fund a sugarcane plantation and a 3500 TCD sugar unit with a 20 MW co-gen facility in Tanzania. The company says completion is expected in two to three years, and approvals under the Foreign Exchange Management Act, 1999 are still to be obtained.
The filing treats DBGHL as a related party and says the investment will be done on an arm's length basis.
What the scheme and investment mean for Dalmia Bharat Sugar's shareholders
Equity shareholding of DBSIL does not change under the scheme, because only preference shares are issued. The scheme needs approvals from BSE, NSE, shareholders, creditors and the NCLT. The next dated step is the 01 Jan 2027 appointed date, unless the NCLT or another authority sets another date.
The filing does not say what the demerged business will earn, what value the preference shares are given against the undertaking, how the DBGHL investment will be funded beyond the ceiling, or whether the Tanzania project has its approvals.
Filed with BSE on . Reference: Original filing (PDF)
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